How has the globalisation of markets benefited IKEA? The globalisastion of markets has allowed IKEA to increase its market to 33 countries, catering to the many tastes and trends of stylish furniture at cost effective prices.
Building a global brand is not an easy task. While excellent product quality and affordable prices can be good for penetrating new markets, the way a brand is marketed decides its fortune in the long term. In the global environment, success rests especially on marketing.
IKEA is a well-known global brand of home furnishing products. Behind its global presence and excellent performance is an excellent marketing strategy.
However, IKEA has not achieved its success without being through its fair share of troubles.
Cultural sensitivity has grown important in the 21st century. The one size fits all strategy will not work any more. IKEA too had to face cultural hurdles while trying to penetrate new markets.
Today, it is a highly recognized brand and behind it is the power of marketing. The Swedish brand of furniture sells a wide range of home furnishing products.
Its affordably priced but good quality products have grown popular in several countries globally. This is an analysis of the marketing strategies and techniques IKEA utilized to achieve global success. Store design and location: IKEA sells more than products from its stores.
Traditionally, the IKEA stores have been like warehouses located outside the town where customers can shop in peace.
However, rising urbanization and e-commerce have made IKEA experiment with new formats. It introduced pick up points, small stores and inside the town stores.
The pick-up points are for the online customers from where they can pick-up the products they ordered online. The smaller stores are built in towns where a full size store may not be necessary.
These stores showcase a limited range of products. The third type, full size inside the town stores with transporter bikes are being opened at city centers in the large towns.
However, IKEA has designed its stores in a manner to provide its customers with an unforgettable experience. There are maps to guide you through the labyrinthine stores so no customer feels lost. Both these factors have grown important to marketing a retail brand successfully in the 21st century.
They can grab ideas from the models at IKEA store. There is also space for you to drop your kids or have lunch if you are feeling hungry.
The IKEA cafeteria serves cheap yet good quality food. Such an experience also creates a lot of favorable buzz for IKEA. The target market of IKEA is mainly the global middle class.
It sells good quality and durable but affordable home furnishing products. The middle class consumers generally look for products that are good in terms of design and quality and come for low prices.- Marketing Audit Approach - IKEA Marketing Audit Overview “What is a marketing audit.
Quite simply, it is a detailed analysis of the elements that constitute or influence a company’s efforts to profitably market its products- today and in future when both market and products may undergo radical change” (John, Alexander, & Theodore, ).
IKEA Environmental Factors Words Jan 30th, 5 Pages They have stores in Europe, Asia, and America with revenues of $ Billion as of August 70% of their marketing communication is based on their famous annual catalog.
IKEA – The Global Retailer Essay Sample. 1. How has the globalization of markets benefited IKEA? Economy of scale determinates globalization advantages. Economy of scale influenced on IKEA. In case it was mentioned that IKEA’s target market is the global middle class who are looking for low-priced designed furniture.
International Marketing of Ikea Essay. A. Pages Words This is just a sample. To get a unique essay. This report emphasizes on the analysis of the overseas expansion of the global brand named IKEA, who has already built a competitive advantage in the international furniture competition.
so this helps IKEA to enter Chinese market. The globalisastion of markets has allowed IKEA to increase its market to 33 countries, catering to the many tastes and trends of stylish furniture at cost effective prices. IKEA, the home furnishing super-store has grown into a global cult brand with stores in 33 countries that host million shoppers a year.
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Marketing Management IKEA Case March 23rd, IKEA. IKEA MARKET SEGMENTATION The core for a company to differentiate itself into a demanding market is identifying customers` needs and .